China close to revaluation?

This (depending on the % appreciation) would be a seismic event for global markets, effectively repricing the dollar, all commodities, etc.

By Simon Kennedy
Feb. 15 (Bloomberg) -- Goldman Sachs Group Inc. Chief Economist Jim
O’Neill said China may be poised to let its currency strengthen as
much as 5 percent to slow the world’s fastest growing major economy.
“I have a strong opinion that they’re close to moving the exchange
rate,” O’Neill said in a telephone interview from London after China’s
central bank told lenders on Feb. 12 to set aside larger reserves.
“Something’s brewing. It could happen anytime.”
Chinese policy makers are seeking to restrain credit growth after
their economy grew the fastest since 2007 in the fourth quarter. Banks
extended 19 percent of this year’s 7.5 trillion yuan ($1.1 trillion)
lending target in January as property prices climbed the most in 21
months.